SCHEDULE: BlackRock Boosts TEGNA Stake to 14.6%

BlackRock, Inc. has reported an increased beneficial ownership of 14.6% in TEGNA Inc. common stock, totaling 23,515,421 shares.

Summary

• BlackRock, Inc. filed an Amendment No. 13 to Schedule 13G regarding its beneficial ownership in TEGNA Inc.
• As of September 30, 2025, BlackRock beneficially owns 23,515,421 shares of TEGNA Inc. common stock.
• This represents 14.6% of the total outstanding common stock of TEGNA Inc.
• BlackRock holds sole voting power over 23,113,477 shares and sole dispositive power over 23,515,421 shares.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of TEGNA Inc.
• iShares Core S&P Small-Cap ETF, a BlackRock entity, is known to have an interest of more than 5% in TEGNA Inc. common stock.
• BlackRock Fund Advisors is specifically noted as beneficially owning 5% or greater of the outstanding shares of the security class.

Sentiment

Score: 5

Explanation: This is a routine regulatory disclosure of beneficial ownership, providing factual information without inherent positive or negative sentiment regarding the issuer's performance or prospects.

Positives

• Significant institutional ownership by BlackRock, a major asset manager, which can signal confidence in TEGNA Inc.
• The filing explicitly states the shares were acquired in the ordinary course of business and not for control, reducing concerns about potential hostile takeover attempts from this specific shareholder.

Risks

• The filing does not detail company-specific risks for TEGNA Inc.
• BlackRock certifies that the securities were not acquired for the purpose of changing or influencing control of the issuer, mitigating a potential risk of shareholder activism from this specific entity.

Future Outlook

NA

Management Comments

• To the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

BlackRock, as one of the world's largest asset managers, routinely discloses its significant holdings in publicly traded companies like TEGNA Inc., a major player in the broadcast media industry. Such filings are standard practice for institutional investors exceeding certain ownership thresholds.

Stakeholder Impact

• Shareholders: Increased institutional ownership by BlackRock may be viewed as a vote of confidence, potentially contributing to stock stability or positive sentiment.

Key Dates

Recommendation

This Schedule 13G filing primarily discloses BlackRock's significant beneficial ownership of 14.6% in TEGNA Inc. While a large institutional stake can be a positive signal of confidence, the filing itself does not provide financial performance data, strategic updates, or future guidance for TEGNA Inc. that would warrant a 'buy' or 'sell' recommendation. The statement that shares were acquired in the ordinary course of business and not for control suggests a passive investment. Therefore, a 'hold' recommendation is appropriate, acknowledging the institutional interest without implying a change in the company's fundamental outlook based solely on this ownership disclosure.

Keywords

TEGNA Inc., BlackRock, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Media Company